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NGL Energy & Grand Mesa Announce Settlement with Extraction Oil and Gas, Inc.

Source: www.gulfoilandgas.com 12/21/2020, Location: North America

NGL Energy Partners LP and Grand Mesa Pipeline, LLC, a wholly-owned subsidiary of NGL (“Grand Mesa”), announced that Grand Mesa has entered into a settlement agreement with Extraction Oil and Gas, Inc. as it relates to XOG’s bankruptcy proceedings. Under the settlement, NGL and Extraction entered into a new term supply agreement, retaining Extraction’s crude volumes for shipping on the Grand Mesa Pipeline; and Grand Mesa will receive an allowed unsecured claim which it expects to liquidate for cash proceeds. In consideration for this new supply agreement, Grand Mesa, has agreed to support confirmation of XOG’s bankruptcy plan, including through the withdrawal of its previously filed objection and pending appeals. The agreements between XOG, NGL and Grand Mesa as described remain subject to approval by the Bankruptcy Court, among other conditions.

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